XRP is attempting a significant technical breakout after testing a descending resistance trendline five times, according to analyst EGRAG Crypto. In a November 4 update on X, EGRAG noted that a confirmed daily close above $1.30 would be a major bullish development, potentially ending the downtrend that has capped XRP since late September.
At the time of the analysis, XRP traded near $1.3077, up 2.53% in the session, after reaching an intraday high of $1.3398 before facing renewed selling pressure. EGRAG identified three key upside targets: $1.3234, which aligns with the 0.786 Fibonacci retracement; $1.3551, the 0.702 Fibonacci level; and $1.3884, located in what he called the Zone of Confidence. A successful break and retest of $1.30 could open the path toward those levels.
Support is also critical. EGRAG stressed that buyers must defend $1.27 to sustain the bullish structure, with secondary support near $1.2558 and deeper levels at $1.1519 and $1.1061. A failure to hold that threshold could expose XRP to renewed downside pressure.
Separately, derivatives data from CoinGlass shows improving sentiment. Funding rates turned positive on October 30 and remained positive on Thursday, currently at 0.0103%, indicating demand for leveraged long positions. However, the long-to-short ratio stood at 0.97, meaning shorts still outnumbered longs, a sign that bearish positioning has not fully disappeared.
XRP has also broken above the upper boundary of a falling channel pattern, trading above $1.32. The daily RSI sits at 51, and the MACD has registered a positive crossover, supporting a possible recovery. Still, XRP remains below key exponential moving averages: the 100-day EMA at $1.323, the 50-day EMA at $1.335, and the 200-day EMA at $1.378. Reclaiming those levels would strengthen the breakout case, with further resistance at $1.540 and $1.900, while immediate support is around $1.265.
